President Obama and his Treasury Secretary Jack Lew have been trying to panic the markets since the government shutdown took effect two weeks ago. And after the Senate failed to achieve cloture for a “clean” increase of the debt ceiling on Saturday, Senator Chuck Schumer (D-NY) got in on the action, claiming the debt ceiling debate would worry the markets beginning today.
“We are now at the place to where I said, ‘You better be prepared because ya never know when it's going to happen,’” Glenn said on radio this morning. “Chuck Schumer was again trying to spook the markets, but Chuck Schumer isn't the only one. The President is saying the same thing.”
SCHUMER: I worry on Monday that when the American markets open, maybe because of this vote, that they will start worrying and not only will the stock market go down but interest rates go up and the value with the dollar -- the value of U.S. treasuries decline. It's very serious.
“Unbelievably irresponsible,” Pat said of Sen. Schumer’s remarks.
“I want you to know Chuck Schumer is right. Chuck Schumer is right. And here's why he's right,” Glenn explained. “As soon as the Fed decides to raise interest rates, this game is over. It's in a three-month death spiral.”
Columbia University Professor David Buckner joined Glenn on the Glenn Beck Program a couple of weeks ago to talk about the road that leads to hyperinflation. While the debt ceiling debate alone cannot achieve the “crisis” President Obama and his cronies speak of, it could serve as the trigger event David described:
“Just five or eight years ago, everyone said [this] could never happen. Well, all of them have happened. All of them have happened,” Glenn said of David’s analysis. “Now all you're needing is an event, and if an event happens that causes the Fed to raise interest rates, the stock market will then plummet and people will start to panic and in three months, in three months you could have an American dollar that is worthless.”
“Understand this is exactly what Chuck Schumer is now talking about and what they are cheerleading for,” he continued. “I don't even really have as much of a problem with Chuck Schumer doing it, but he's only doing it for political reasons. And I know that because he has mocked people like me before and mocked people like you for buying gold. He’s never warned you before. But anybody who has been warning you, when the situation wasn't this serious you can believe, but now they are doing it for political games and they will talk this market down.”
Front page image courtesy of the AP